April 2003

April 2003  

    
Bill 15, The Saskatchewan Insurance Amendment Act, 2003 was introduced in the Legislature on April 9, 2003

April 9, 2003 – Bill 15, The Saskatchewan Insurance Amendment Act, 2003 was introduced in the Legislature on April 9, 2003. The changes outlined in this Bill are part of an ongoing process to update Saskatchewan’s insurance legislation. A number of the provisions are aimed at either removing unnecessary requirements or updating outdated requirements. These amendments include:

• moving the classes of insurance from the Act to the regulations;
• eliminating mutual benefit societies as a class of insurer that is required to be licensed under the Act and providing an exemption from the Act for mutual benefit societies;
• providing that no new provincial or extra-provincial entities may obtain a licence as a fraternal society but allowing existing provincial fraternal societies to continue to be licensed;
• eliminating the deposit requirements for insurers;
• eliminating some of the filing requirements for insurers and harmonizing annual filing deadlines with federal legislation;
• updating and clarifying the annual filing requirements for provincial insurers;
• allowing the Saskatchewan Superintendent of Insurance to accept electronic filings for federal and extra-provincial insurers from third parties who have information sharing agreements with the Superintendent;
• updating the requirements for existing provincial fraternal societies, including requiring provincial fraternal societies to provide their members with copies of their insurance policies;
• updating the provisions regarding reciprocal insurance exchanges and permitting the details regarding the guarantee fund and reserve fund requirements to be set out in the regulations;
• specifying that The Companies Winding Up does not apply to all provincial insurers in the case of liquidation; and
• requiring insurance agents who place insurance with unlicensed insurers to provide disclosure to consumers of the risks associated with dealing with unlicensed insurers. 
• Consolidation of The Saskatchewan Insurance Amendment Act, 2003
• The Legislative Assembly of Saskatchewan